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Living trusts can protect assets as part of an estate

| Apr 7, 2020 | Trust |

Is it time to plan your estate? If you can wonder whether or not you should, it’s probably time to do it. Anyone with a family, a job, causes to support or any other connection in life wants to know that these valued people and entities are getting what you want them to have.

A trust is a good way to protect specific assets, especially when they are of high value like heirloom properties and other real estate. A living trust can transfer these assets to other people during your lifetime while you continue to use or have access to them. This can save taxes and troubles after a previous owner dies.

Stocks and other financial instruments or rights are eligible for inclusion in a living trust. An important exception is retirement accounts and pensions, although the holders of these assets have the power to name the person or organization that would receive any benefits in them.

If you think you may change your mind about a trust later, a revocable living trust may be the best option. Creators of these trusts can change the terms or recipients included in them, or cancel the arrangement entirely. Taxes and other responsibilities may still apply.

An attorney is often the best person to ask when it’s time to consider a living trust. Legal representation makes it far easier to file the appropriate paperwork in South Carolina as well as inventory the assets that should be included in a trust. No one should have to plan an estate without the right assistance in court.